Below is the net income of Culver Instrument Co., a private corporation, computed under the three inventory methods using a periodic system.

		FIFO		Average Cost		LIFO
2018		$25,100		$22,300		$18,500
2019		30,900		25,700		21,700
2020		28,000		26,200		22,800
2021		33,200		28,900		25,900

(Ignore tax considerations.) (a) Assume that in 2021 Culver decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021, and show net income reported for 2018, 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

		2021		2020		2019		2018
Net income		$		$		$		$

(b) Assume that in 2021 Culver, which had been using the LIFO method since incorporation in 2018, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2021 and show net income reported for 2018, 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

		2021		2020		2019		2018
Net income		$		$		$		$